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Sauron [17]
3 years ago
14

What will a $190,000 house cost 8 years from now if the price appreciation for homes over that period averages 7 percent compoun

ded annually? The future house of the cost will be $_____ (URGENT!)
Mathematics
1 answer:
den301095 [7]3 years ago
6 0

\text{Hello there!}\\\\\text{Use the appreciation formula to find the future cost of the house:}\\\\A=P(1+r)^t\\\\\text{P = principal}\\\\\text{r = rate}\\\\\text{t = time}\\\\\text{Plug in data from question and solve:}\\\\A=190,000(1+0.07)^8\\\\A=190,000(1.07)^8\\\\A=190,000(1.7181861798319201)\\\\A=326,455.374\\\\\text{Round to the nearest hundredths place}\\\\\boxed{\$326,455.37}

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